Business and Economy
Federal High Court Directs Banks to Refund N1.125bn Linked to Forex Fraud Case
The Federal High Court in Lagos has ordered Access Bank and First City Monument Bank (FCMB) to reverse N1.
Justice Daniel Osiagor gave the order on Friday after listening to an ex-parte application filed by the Department of State Services (DSS) in suit FHC/L/MISC/589/2026. Access Bank, FCMB, and one Julius Oluwafunmisho Okedele were listed as defendants in the matter.
According to the DSS, the funds originated from a forex transaction involving First Global Logistics Services, a client of Marble Partners. Under the agreement, the company was expected to receive $800,000 at an agreed exchange rate of N1,407 per dollar.
The agency explained that $100,000 was transferred to the United Overseas Bank through Access Bank, while another $230,000 was sent to Taichung Commercial Bank in Taiwan through FCMB. The DSS therefore requested the court to direct both banks to reverse the transfers and return the money to First Global Logistics’ account with Zenith Bank.
At an earlier sitting, Julius Oluwafunmisho Okedele had reportedly promised to personally refund the money. However, at Friday’s hearing, DSS counsel, Michael Bajela, informed the court that Okedele had failed to fulfil the undertaking, leading the agency to seek an order compelling the banks to reverse the transactions.
When Justice Osiagor asked Okedele whether he objected to the request, he responded in the affirmative. The judge subsequently granted the application and directed that the funds be returned to the nominal complainant.
The application relied on provisions of the 1999 Constitution, the Federal High Court Civil Procedure Rules 2019, the EFCC Act 2004, the Advance Fee Fraud and Other Related Offences Act 2006, as well as the Proceeds of Crime Recovery and Management Act 2022.
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